ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A variable expense is any expense that can fluctuate in amount. Some examples of variable expenses include groceries, gas, and entertainment.

Detailed explanation-2: -The price of a commodity such as natural gas or oil is variable because it changes almost daily. The longer the time horizon, the more time a firm has to adjust and the more costs will be fixed as opposed to variable.

Detailed explanation-3: -Variable costs are costs that change as the volume changes. Examples of variable costs are raw materials, piece-rate labor, production supplies, commissions, delivery costs, packaging supplies, and credit card fees.

Detailed explanation-4: -Variable costs are any costs that are tied to the volume of crude that a refinery processes, in contrast to fixed costs which are not volume dependent. Typically in a refinery, these include energy, catalysts, and chemicals.

Detailed explanation-5: -Variable costs are any expenses that change based on how much a company produces and sells. This means that variable costs increase as production rises and decrease as production falls. Some of the most common types of variable costs include labor, utility expenses, commissions, and raw materials.